Do you assess the third-party risk in your supply chain? The third-party risk has gained increased attention lately, and because of the COVID-19 pandemic, many industries are rethinking their supply chains, including the construction industry. A construction project usually involves many suppliers, and some of them are critical to the project. For example, think about the suppliers of the long-lead items and the specialty trader contractors. Therefore, construction companies need to plan and evaluate the potential third-party risks during and post-COVID through a third-party risk assessment to protect the projects as much as possible.
Do a quick web search by "supply chain risk and third-party risk" and "third-party risk assessment," and you will get some material to read.
Quoting from the article:
"Post COVID-19, the most crucial supply chain risk management strategies include an in-depth assessment of every part of the supply chain using a risk-based supplier evaluation process."
"The right technology and real-time data can provide insights to mitigate potential supply chain risk in the future..."
#riskmanagement #thirdpartyrisk #supplychainrisk #thirdpartyriskassessment
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